SINGAPORE: Wealthy Link Pte Ltd has made the highest bid of S$2.6bil (RM7.88bil) to buy land in Singapore’s downtown Marina Bay in a tender that attracted seven property developers, the government said on Tuesday.
The price offered by Wealthy Link, part of IOI Properties Group Bhd, is a reflection of the steady restoration of investor confidence in the Singapore office market, Christine Li, director research at real estate services firm Cushman & Wakefield, said.
She said Grade A office market has been down for the past six quarters, but was likely to recover post-2017 when new supply is completed.
Singapore’s Urban Redevelopment Authority said in a statement that a decision on the tender award would be taken after all the bids had been evaluated. - Reuters
Bloomberg reported that Wealthy Link's offer priced the 1.1ha plot at S$18,180 per sq metre of gross floor area.
IOI Properties group member offers S$2.6bil for Marina Bay land
A man jogs along the Marina Bay next to the financial business district office buildings in Singapore. - AFP pic